Can you try the CVS ? I made a specific VGA fix for the OS/2 install
(you can see the OS/2 & IBM logo), but there are still problems after.

If OS/2 does not rely on segment limit checks or weird FPU exceptions,
then there is a chance that QEMU can launch it soon.

If I remember correctly, at least the early versions of OS/2 DID rely on
segment limit checks. This allowed it to do multitaking on 286
processors, and a lot of that mechanism was still used in the 386 code.

It is possible and easy to add full segment limit and right checks in
QEMU with a runtime selectable option. It would impact mostly 16 bit
code and the slowdown would be small: because QEMU is a dynamic
translator, some tests can be done at translation time.